Analysis of convertibles issuance for 13 months through July 2012

Columns are amount in billions of dollars, count of deals, percentage of total in dollars.

Coupon

	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012
0%	0	0	0	0	0	0	0	0	0	0	0	0	0
0.01%-0.99%	0.632	0	0	0	0	0	0	0	0	0	0	0	0
1%-1.99%	0.690	0	0	0.650	0.250	0	0	0.500	1.685	0	0.725	0.275	0.220
2%-2.99%	0.350	0	0.155	0.690	0	0	0	0	0.225	1.150	0.150	0.370	0
3%-3.99%	0.585	0	0	0	1.032	0	0.150	0	0.200	0.980	0	0.400	0
4%-4.99%	0.810	0	0	0	0	0	0	0	0.163	0	0	0.105	0
5%-5.99%	0.135	0	0	0	0.149	0.200	0	0	0.127	0.127	1.305	0.130	0.086
6%-6.99%	0	0	0	0.002	0	0	0.250	0	0.150	0	0.220	0.032	0
7%-7.99%	0	0	0	0	0	0.050	0	0	0.086	0	0.019	1.145	0.115
8% and higher	0	0	0	0	0	0	0	0	0	0	0	0.074	0
NA	0	0	0	0	0	0	0	0	0	0	0	0.017	0
Total	3.203	0	0.155	1.342	1.431	0.250	0.400	0.500	2.635	2.257	2.419	2.548	0.421
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
0%	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0.00%
0.01%-0.99%	0.632	1	0	0	0	0	0	0	0	0	0	0	0.632	1	0	0	0.00%
1%-1.99%	0.690	2	0.900	3	2.185	4	1.000	3	0.220	1	3.405	8	4.995	13	4.305	11	30.45%
2%-2.99%	0.505	3	0.690	1	0.225	1	1.670	4	0	0	1.895	5	3.090	9	2.740	7	16.95%
3%-3.99%	0.585	4	1.032	3	0.350	2	1.380	5	0	0	1.730	7	3.347	14	2.762	10	15.47%
4%-4.99%	0.810	3	0	0	0.163	1	0.105	1	0	0	0.268	2	1.077	5	0.268	2	2.40%
5%-5.99%	0.135	1	0.349	2	0.127	1	1.562	4	0.086	1	1.775	6	2.259	9	2.124	8	15.88%
6%-6.99%	0	0	0.002	1	0.400	2	0.252	2	0	0	0.652	4	0.654	5	0.654	5	5.83%
7%-7.99%	0	0	0.050	1	0.086	1	1.164	3	0.115	1	1.365	5	1.415	6	1.415	6	12.21%
8% and higher	0	0	0	0	0	0	0.074	1	0	0	0.074	1	0.074	1	0.074	1	0.66%
NA	0	0	0	0	0	0	0.017	1	0	0	0.017	1	0.017	1	0.017	1	0.15%
Total	3.358	14	3.023	11	3.535	12	7.224	24	0.421	3	11.181	39	17.561	64	14.359	51	100.00%
Premium
	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012
19.99% and lower	0	0	0	0	0	0	0	0	0.289	0.127	1.105	0.119	0
20%-29.99%	1.400	0	0	0.250	0.149	0.250	0.400	0	0.236	0.230	1.070	0.380	0.201
30-39.99%	1.802	0	0.155	1.090	1.282	0	0	0.500	0.890	0.850	0	2.032	0
40% and higher	0	0	0	0	0	0	0	0	1.220	1.050	0.225	0	0.220
NA	0	0	0	0.002	0	0	0	0	0	0	0.019	0.017	0
Total	3.203	0	0.155	1.342	1.431	0.250	0.400	0.500	2.635	2.257	2.419	2.548	0.421
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
19.99% and lower	0	0	0	0	0.289	2	1.351	6	0	0	1.640	8	1.640	8	1.640	8	14.67%
20%-29.99%	1.400	6	0.649	4	0.636	4	1.680	5	0.201	2	2.518	11	4.566	21	3.166	15	22.52%
30-39.99%	1.958	8	2.372	6	1.390	4	2.882	8	0	0	4.272	12	8.601	26	6.799	19	38.21%
40% and higher	0	0	0	0	1.220	2	1.275	3	0.220	1	2.715	6	2.715	6	2.715	6	24.29%
NA	0	0	0.002	1	0	0	0.036	2	0	0	0.036	2	0.038	3	0.038	3	0.32%
Total	3.358	14	3.023	11	3.535	12	7.224	24	0.421	3	11.181	39	17.561	64	14.359	51	100.00%
Quick Sale?
	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012
Yes	3.103	0	0.155	0.250	1.282	0.250	0.400	0.500	1.290	2.257	2.400	2.264	0.421
No	0.100	0	0	1.092	0.149	0	0	0	1.345	0	0.019	0.284	0
Total	3.203	0	0.155	1.342	1.431	0.250	0.400	0.500	2.635	2.257	2.419	2.548	0.421
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	3.258	13	1.782	7	2.190	9	6.921	19	0.421	3	9.533	31	14.572	51	11.469	39	85.26%
No	0.100	1	1.241	4	1.345	3	0.303	5	0	0	1.648	8	2.989	13	2.889	12	14.74%
Total	3.358	14	3.023	11	3.535	12	7.224	24	0.421	3	11.181	39	17.561	64	14.359	51	100.00%
Upsized?
	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012
Yes	1.320	0	0	0	1.090	0	0.250	0.500	0.915	1.300	0.945	0.320	0.220
No	1.883	0	0.155	1.342	0.149	0.200	0.150	0	1.720	0.507	1.474	2.228	0.201
Downsized	0	0	0	0	0.192	0.050	0	0	0	0.450	0	0	0
Total	3.203	0	0.155	1.342	1.431	0.250	0.400	0.500	2.635	2.257	2.419	2.548	0.421
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.320	6	1.090	3	1.665	5	2.565	8	0.220	1	4.450	14	6.860	23	5.540	17	39.80%
No	2.038	8	1.691	6	1.870	7	4.209	15	0.201	2	6.281	24	10.010	38	8.127	31	56.18%
Downsized	0	0	0.242	2	0	0	0.450	1	0	0	0.450	1	0.692	3	0.692	3	4.02%
Total	3.358	14	3.023	11	3.535	12	7.224	24	0.421	3	11.181	39	17.561	64	14.359	51	100.00%
Seniority
	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012
senior	2.953	0	0.155	1.340	1.431	0.250	0.400	0.500	2.509	2.257	2.419	2.531	0.421
senior subordinated	0.250	0	0	0	0	0	0	0	0	0	0	0	0
preferred	0	0	0	0.002	0	0	0	0	0.127	0	0	0.017	0
Total	3.203	0	0.155	1.342	1.431	0.250	0.400	0.500	2.635	2.257	2.419	2.548	0.421
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
senior	3.108	13	3.021	10	3.409	11	7.207	23	0.421	3	11.037	37	17.165	60	14.213	48	98.71%
senior subordinated	0.250	1	0	0	0	0	0	0	0	0	0	0	0.250	1	0	0	0.00%
preferred	0	0	0.002	1	0.127	1	0.017	1	0	0	0.144	2	0.146	3	0.146	3	1.29%
Total	3.358	14	3.023	11	3.535	12	7.224	24	0.421	3	11.181	39	17.561	64	14.359	51	100.00%
Mandatory
	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012
Yes	0	0	0	0	0	0	0	0	0	0	0.790	1.100	0.115
No	3.203	0	0.155	1.342	1.431	0.250	0.400	0.500	2.635	2.257	1.629	1.448	0.306
Total	3.203	0	0.155	1.342	1.431	0.250	0.400	0.500	2.635	2.257	2.419	2.548	0.421
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0	0	0	0	0	0	1.890	3	0.115	1	2.005	4	2.005	4	2.005	4	17.93%
No	3.358	14	3.023	11	3.535	12	5.334	21	0.306	2	9.176	35	15.556	60	12.354	47	82.07%
Total	3.358	14	3.023	11	3.535	12	7.224	24	0.421	3	11.181	39	17.561	64	14.359	51	100.00%
Greenshoe Exercised?
	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012
Yes	2.228	0	0.155	0.940	0.740	0.200	0.250	0.500	2.060	1.980	0.725	1.790	0.201
No	0.975	0	0	0.402	0.691	0.050	0.150	0	0.575	0.277	1.694	0.758	0.220
Total	3.203	0	0.155	1.342	1.431	0.250	0.400	0.500	2.635	2.257	2.419	2.548	0.421
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	2.383	10	1.880	5	2.810	8	4.495	11	0.201	2	7.506	21	11.769	36	9.541	27	67.13%
No	0.975	4	1.143	6	0.725	4	2.729	13	0.220	1	3.674	18	5.792	28	4.817	24	32.86%
Total	3.358	14	3.023	11	3.535	12	7.224	24	0.421	3	11.181	39	17.561	64	14.359	51	100.00%
Versus Talk
	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012
Richer	0	0	0	0	0	0	0	0.300	0	0	0	0	0
Rich end	1.323	0	0.155	0	0	0	0	0.200	1.771	0.750	0.225	1.100	0.115
Within	0.670	0	0	0	0.250	0	0	0	0	0.380	1.605	1.045	0.220
Cheap end	0.975	0	0	0.250	0.840	0.050	0.400	0	0.289	0.677	0	0.224	0
Cheaper	0	0	0	0	0	0	0	0	0	0.450	0.570	0	0
NA/Other	0.235	0	0	1.092	0.341	0.200	0	0	0.575	0	0.019	0.179	0.086
Total	3.203	0	0.155	1.342	1.431	0.250	0.400	0.500	2.635	2.257	2.419	2.548	0.421
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Richer	0	0	0	0	0.300	1	0	0	0	0	0.300	1	0.300	1	0.300	1	2.68%
Rich end	1.478	4	0	0	1.971	4	2.075	4	0.115	1	4.161	9	5.639	13	4.316	10	37.21%
Within	0.670	5	0.250	1	0	0	3.030	9	0.220	1	3.250	10	4.170	16	3.500	11	29.07%
Cheap end	0.975	3	1.140	4	0.689	4	0.901	5	0	0	1.590	9	3.705	16	2.730	13	14.22%
Cheaper	0	0	0	0	0	0	1.020	2	0	0	1.020	2	1.020	2	1.020	2	9.12%
NA/Other	0.235	2	1.633	6	0.575	3	0.198	4	0.086	1	0.860	8	2.728	16	2.493	14	7.69%
Total	3.358	14	3.023	11	3.535	12	7.224	24	0.421	3	11.181	39	17.561	64	14.359	51	100.00%
Use of Proceeds
	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012
Acquisition	0.767	0	0	0	0.341	0	0	0	0	0.150	0	1.205	0
Capex	0.100	0	0	0	0	0	0	0	0	0	0.220	0.130	0.115
GCP	0.160	0	0	0.402	1.090	0.200	0.150	0.500	0.501	1.277	2.030	0.151	0.220
Redeem convertibles	0.100	0	0	0	0	0	0.250	0	0.200	0	0	0	0
Refinance	0.250	0	0	0	0	0	0	0	0.163	0	0	0.370	0.086
Multiple/Other/NA	1.825	0	0.155	0.940	0	0.050	0	0	1.771	0.830	0.169	0.692	0
Total	3.203	0	0.155	1.342	1.431	0.250	0.400	0.500	2.635	2.257	2.419	2.548	0.421
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.767	2	0.341	2	0	0	1.355	3	0	0	1.355	3	2.463	7	1.696	5	12.12%
Capex	0.100	1	0	0	0	0	0.350	2	0.115	1	0.465	3	0.565	4	0.465	3	4.16%
GCP	0.160	2	1.692	6	1.151	6	3.458	11	0.220	1	4.830	18	6.681	26	6.521	24	43.20%
Redeem convertibles	0.100	1	0	0	0.450	2	0	0	0	0	0.450	2	0.550	3	0.450	2	4.02%
Refinance	0.250	1	0	0	0.163	1	0.370	1	0.086	1	0.619	3	0.869	4	0.619	3	5.54%
Multiple/Other/NA	1.980	7	0.990	3	1.771	3	1.691	7	0	0	3.463	10	6.433	20	4.608	14	30.97%
Total	3.358	14	3.023	11	3.535	12	7.224	24	0.421	3	11.181	39	17.561	64	14.359	51	100.00%
Industry Sector (by SIC code)
	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012
Mining (1xxx)	0	0	0	0	0	0	0	0	0	0	0.220	0.370	0
Oil and gas (13xx)	0.135	0	0	0	0	0	0	0.300	0.200	0	0	0.400	0.086
Construction (15xx)	0	0	0	0	0.350	0	0	0	0	0	0.225	0	0.335
Manufacturing (2xxx, 3xxx)	1.300	0	0	0	0	0.050	0	0	0.236	1.300	0.150	1.282	0
Pharmaceuticals (2834-6)	0	0	0.155	0.650	0.490	0	0.150	0	0.915	0	0.500	0.292	0
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0	0	0	0	0	0.570	0.130	0
Finance, insurance, real estate (6xxx)	1.135	0	0	0.002	0	0.200	0.250	0	0.289	0.357	0.754	0.074	0
Services (7xxx)	0.632	0	0	0.690	0.591	0	0	0.200	0.995	0.600	0	0	0
Total	3.203	0	0.155	1.342	1.431	0.250	0.400	0.500	2.635	2.257	2.419	2.548	0.421
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Mining (1xxx)	0	0	0	0	0	0	0.590	2	0	0	0.590	2	0.590	2	0.590	2	5.28%
Oil and gas (13xx)	0.135	1	0	0	0.500	2	0.400	1	0.086	1	0.986	4	1.121	5	0.986	4	8.82%
Construction (15xx)	0	0	0.350	1	0	0	0.225	1	0.335	2	0.560	3	0.910	4	0.910	4	5.01%
Manufacturing (2xxx, 3xxx)	1.300	7	0.050	1	0.236	2	2.732	9	0	0	2.968	11	4.318	19	3.018	12	26.55%
Pharmaceuticals (2834-6)	0.155	1	1.140	3	1.065	3	0.792	3	0	0	1.857	6	3.152	10	3.152	10	16.61%
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0	0.700	2	0	0	0.700	2	0.700	2	0.700	2	6.26%
Finance, insurance, real estate (6xxx)	1.135	4	0.202	2	0.539	3	1.185	5	0	0	1.724	8	3.061	14	1.926	10	15.42%
Services (7xxx)	0.632	1	1.281	4	1.195	2	0.600	1	0	0	1.795	3	3.708	8	3.076	7	16.05%
Total	3.358	14	3.023	11	3.535	12	7.224	24	0.421	3	11.181	39	17.561	64	14.359	51	100.00%

Criteria

• The tables include all underwritten dollar-denominated offerings sold in the U.S. as public or Rule 144A deals reported to Prospect News.

• Offerings are included in the time period in which they price.

• Amounts are based on the total sales price (face amount multiplied by the offering price.

• Each tranche is counted as a separate deal.

• Bonds are included that convert into the issuer's or another company's stock or the cash equivalent; bonds that convert into other bonds are excluded. Structured products are excluded.

• Units made up of a bond and stock are included; units made up of a bond and warrants are excluded.

• Preferred issues are included using the same criteria as for bonds.

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